ACCC welcomes credit card reforms August 27 2002 The Australian Competition and Consumer Commission said today it welcomed the Reserve Bank of Australia's (RBA) credit card reforms. "The ACCC has worked closely with the Reserve Bank since the designation of the credit card network in April 2001 and strongly believes that the reforms will lead to a more competitive and efficient credit card network in Australia," ACCC chairman Professor Allan Fels said. "Increased competition and efficiency will be to the benefit of both Australian businesses and consumers." Professor Fels said a system allowing new entrants to issue credit cards or provide merchant services will open up what is currently a closed shop. CREDIT CARD REFORMS RBA to slash hidden fees Australia's central bank will slash the hidden fees banks charge for credit card transactions by almost half, open up the system to new competitors and allow retailers to charge cardholders for the cost of accepting credit cards. more Key points in RBA credit card reforms ACCC welcomes credit card reforms Reform to cut cost of goods, services http://smh.com.au/articles/2002/08/27/1030053054440.html